NEW YORK, May 8, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Doral Financial Corporation ("Doral" or the "Company") (NYSE: DRL) (CUSIP: 25811P886). Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Doral and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 1, 2014, the Company announced that it has been advised by the Federal Deposit Insurance Corporation (the "FDIC") that the bank could not include some or all of the its receivables from the Puerto Rican government in its calculation of Tier 1 capital. Puerto Rico tax receivables accounted for $289 million of the bank's approximately $679 million of Tier 1 Capital as of December 31, 2013.
On this news, shares of Doral fell $6.09, or more than 62%, on intraday trading to $3.73, on unusually heavy trading volume on May 2, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP email@example.com
SOURCE Pomerantz LLP